This course will cover the principles of procurement management, which is acquiring products and services needed for the project from outside the project team. The Procurement Management processes from the PMBOK® Guide will be reviewed including inputs, key tools and techniques, and outputs. Typical procurement activities will be described from the make-or-buy decision to contract award to contract closure.
The key elements that should be included in a procurement management plan will be presented. The stages of a contract negotiation will also be reviewed. This course will review key contract terminology, selection criteria and the key elements of a contract. The types of contracts that can be used will be reviewed including variations of fixed price, cost reimbursable, time and material. Selecting the correct contract type and dealing with contract risks will also be covered.
This course includes multiple exercises to allow delegates to practice the course concepts. Proper Procurement, Logistics & Supply Chain Management is crucial for any successful project.
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